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AUDUSD Bounces from Trendline-Resistance at 10240

AUDUSD Bounces from Trendline-Resistance at 10240

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Bounces from Trendline-Resistance at 10240

Prepared by Jamie Saettele, CMT

The AUDUSD reversed last week before reaching the 10360/70 level (Fibonacci confluence and December 2011 high) but the fact that price reversed in the area of previous congestion and at the downward sloping 52 week average is enough for me to be bearish at the current level. Daily RSI reversing in front of 70 is a good sign (notice previous instances) for bears as well. 10240 is near term resistance. Levels of interest over the next few weeks are 9970, 9900 and 9800. Exceeding 10328 would at least delay the bearish bias.

LEVELS: 9995 10090 10125 10240 10280 10329

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.